A trust is a legal document whereby you transfer ownership of assets to a trust and name someone you have confidence in as the trustee. The trustee manages the trust and makes sure your assets are transferred to your named beneficiaries when you die.
There are many types of trusts that serve different purposes. There are also different types of charitable trusts, but basically, they all share a few of the same characteristics and legal requirements. For the charitable trust, the trust document names a trustee who makes sure the assets in the trust are transferred to the charitable organization you name in the trust.
Beneficiaries of a charitable trust must be one of the following:
There may be exceptions to this requirement that an estate planning attorney can explain to you.
Charitable trusts are not just for the wealthy. An estate planning attorney will work with you to determine whether your financial situation and philanthropic goals align with establishing a charitable trust. Many people can benefit from establishing a charitable trust. Some benefits in general include:
To learn more about the benefits of a charitable trust, consult with Sonoma County, CA estate planning attorney Charles D. Stark. He has more than 45 years of experience in helping clients reach their estate planning goals. Contact him online or call his office at 707.527.9900.